Guideline Value for ERIKARI STREET

Erikari Street guideline value

The current guideline value of Erikari Street is Rs 1,650 per sq.ft, effective from 1 July 2024. This street is located in Thundalam village, under the Chennai South Joint I SRO, and is classified as Residential Class IV Type - II.

How the guideline value of Erikari Street has changed

The guideline value for Erikari Street has seen several revisions over the years. In 2012, the value was set at Rs 1,500 per sq.ft. This figure then decreased by 33% to Rs 1,005 per sq.ft in 2017. Following that, the value increased significantly by 49% to Rs 1,500 per sq.ft in 2023. The latest revision in 2024 raised the guideline value by 10% to Rs 1,650 per sq.ft.

It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Thundalam

In Thundalam village, there are 97 streets under the Chennai South Joint I SRO that have a guideline value for 2024, ranging from Rs 1,100 to Rs 3,300 per sq.ft. The median guideline value for these streets is Rs 1,870 per sq.ft, placing Erikari Street's 2024 figure below that median.

• Fair Land: Rs 2,750 per sq.ft (2024)
• Gandhi Street: Rs 1,650 per sq.ft (2024)
• Dhanalakshmi Avenue: Rs 2,200 per sq.ft (2024)
• Bharathiyar Street: Rs 1,650 per sq.ft (2024)
• Balaji Nagar Thiruvalluvar Street: Rs 2,750 per sq.ft (2024)
• Balaji Nagar Thilagar Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Erikari Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, totaling Rs 1,48,500. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Erikari Street?

The Sub Registrar Office that covers Erikari Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for further assistance.

How the guideline value is used when you buy or sell in Thundalam

The guideline value is a crucial factor in property transactions in Thundalam, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with registration requirements.

When a property is sold, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the transaction is recorded accurately in the official registers.

Frequently asked questions

What is the current guideline value of Erikari Street?

The current guideline value of Erikari Street is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then increased to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,650 per sq.ft in 2024.

What is the land classification for Erikari Street?

Erikari Street is classified as Residential Class IV Type - II.

Where can I find the registration office for Erikari Street?

The registration office for Erikari Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

How is stamp duty calculated for property in Erikari Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current rate, the total guideline value is Rs 16,50,000.